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Markets will remain closed on May 20, 2024 on account of Parliamentary Elections.

Capital goods, bank lead mkts higher
Mon, 2 Jun 01:30 pm

Buying momentum in capital goods and bank stocks during the previous two hours led the Indian stock markets to the day's high. Barring FMCG stocks almost all sectoral stocks are trading firm today. L&T, BPCL and ONGC (up 5% each) are leading the pack of gainers.

The BSE-Sensex is trading up by 400 points and the NSE-Nifty is trading up by 118 points. The BSE Mid Cap index is trading up 1.9%, while the BSE Small Cap index is trading up 1.6% today. The rupee is trading at 59.13 to the US dollar.

Almost all automobile stocks are trading firm today, gainers are being led by Eicher Motors and Maruti Suzuki. India's largest car maker by sales, Maruti Suzuki has reported its sales volumes for the month of May 2014. The company's overall car sales were higher by 19% YoY in May 2014 to 100,925 units. Its domestic sales were higher by 16.4% YoY to 90,560 units as compared to 77,821 units during the same month previous year. The growth is being led by 53.9% YoY increase in the sales from the compact cars like Swift, Celerio, Ritz and Estilo to 26,400 units. The company launched Celerio in February this year which has a waiting period between 4 to 6 months for select variants. During the month, Maruti's export sales were up by 51% to 10,365 units. Export market constitutes a little over 10% of the company's overall sales.

Majority of the power stocks are trading in the green led by IndiaBulls Power and GVK Power. As per a leading financial daily, Tata Power will be commissioning two wind power projects by FY17. The projects have a combined capacity of 229 MW and are being commissioned in South Africa through an equal joint-venture with Exxaro Resources. For both the projects, power purchase agreements have been inked with with Eskom Holdings SOC Ltd for a period of 20 years from the start of commercial operations. Besides, Tata Power is also developing a 126 MW Dagachhu hydel project with the Bhutan government and has also started work on the first phase of 185 MW Shuakhevi hydro power project in Georgia. The company has an installed generation capacity of 8,560 MW and has been scouting for growth opportunities in South East Asia as well as SAARC, African and Middle East regions. Tata Power stock is currently trading down marginally.

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